Related Companies has launched its latest opportunistic real estate fund, securing $125m (€111m) from the Texas County & District Retirement System.
The pension fund confirmed to IPE Real Assets that it had made the commitment to Related Real Estate Fund III.
The fund will invest in a variety of US real estate assets in need repositioning and distressed debt related to development projects, according to industry sources.
The fundraising target was not disclosed, although the fund’s predecessor raised $1bn in 2015.
Related Companies did not respond to a request for comment.
The new commitment by Texas County & District Retirement System is almost twice the size of its previous investments with Related Companies funds combined. The pension fund said it previously committed $30m to Related Real Estate Recovery Fund and $40m to Related Real Estate Fund II.
